The EU has introduced a comprehensive climate action plan called the Fit for 55 package to minimize greenhouse gas emissions that plays a major role in the global warming and climate change. The Fit for 55 package is a collection of proposals aimed at updating and enhancing existing EU legislation while introducing new initiatives to align EU policies with the climate objectives agreed upon by the Council and the European Parliament. It includes a range of measures to reduce greenhouse gas emissions across various sectors.
Main objectives: The main objective of the Fit for 55 package is to align EU legislation with the EU’s objective of reducing net greenhouse gas emissions by at least 55% by 2030. This ambitious goal is in line with the Paris Agreement’s long-term target of limiting global temperature rise to well below 2°C above pre-industrial levels.
EU emissions trading system: The EU emissions trading system is a carbon market based on a cap-and-trade system of emission allowances for energy-intensive industries and the power generation
Efforts: The effort sharing regulation covers sectors that are not included in the EU emissions trading system or the regulation on land use, land use change and forestry. These sectors include road and domestic maritime transport, buildings, agriculture, waste, and small industries. The EU has set a greenhouse gas emissions reduction target of at least 40% compared to 2005 levels for these sectors. sector. It aims to reduce emissions in a cost-effective manner while providing incentives for companies to invest in cleaner technologies. Since its introduction in 2005, the EU emissions trading system has contributed significantly to reducing emissions, with a 41% decrease recorded.